Franklin Resources (NYSE:BEN) Price Target Cut to $17.00 by Analysts at Evercore ISI

Franklin Resources (NYSE:BEN) had its price objective decreased by stock analysts at Evercore ISI from $19.00 to $17.00 in a note issued to investors on Friday,Benzinga reports. The brokerage currently has an “underperform” rating on the closed-end fund’s stock. Evercore ISI’s price objective points to a potential downside of 2.65% from the company’s previous close.

A number of other equities research analysts have also weighed in on BEN. TD Cowen lowered their price target on shares of Franklin Resources from $20.00 to $17.50 and set a “hold” rating for the company in a report on Wednesday. JPMorgan Chase & Co. lowered their target price on Franklin Resources from $21.00 to $19.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. BMO Capital Markets lifted their target price on Franklin Resources from $20.00 to $23.00 and gave the stock a “market perform” rating in a research report on Monday, February 3rd. Keefe, Bruyette & Woods increased their price target on Franklin Resources from $19.00 to $21.00 and gave the company an “underperform” rating in a report on Monday, February 3rd. Finally, Wells Fargo & Company dropped their price objective on Franklin Resources from $24.00 to $20.00 and set an “equal weight” rating on the stock in a report on Tuesday. Five research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $19.63.

Franklin Resources Stock Down 1.5 %

Shares of BEN traded down $0.26 during midday trading on Friday, reaching $17.46. 1,288,868 shares of the company were exchanged, compared to its average volume of 4,340,895. Franklin Resources has a 1-year low of $16.25 and a 1-year high of $26.47. The stock has a 50-day moving average price of $19.65 and a 200-day moving average price of $20.39. The company has a current ratio of 1.66, a quick ratio of 1.66 and a debt-to-equity ratio of 0.89. The company has a market cap of $9.17 billion, a price-to-earnings ratio of 26.71, a P/E/G ratio of 2.31 and a beta of 1.36.

Franklin Resources (NYSE:BEN) last released its quarterly earnings results on Friday, January 31st. The closed-end fund reported $0.59 EPS for the quarter, topping the consensus estimate of $0.56 by $0.03. Franklin Resources had a return on equity of 9.45% and a net margin of 4.32%. During the same quarter last year, the firm posted $0.65 EPS. Research analysts expect that Franklin Resources will post 2.16 earnings per share for the current year.

Institutional Trading of Franklin Resources

Several institutional investors have recently added to or reduced their stakes in BEN. CoreCap Advisors LLC boosted its holdings in shares of Franklin Resources by 147.1% in the 4th quarter. CoreCap Advisors LLC now owns 1,238 shares of the closed-end fund’s stock valued at $25,000 after buying an additional 737 shares during the period. GeoWealth Management LLC lifted its holdings in Franklin Resources by 350.4% in the fourth quarter. GeoWealth Management LLC now owns 1,261 shares of the closed-end fund’s stock worth $26,000 after acquiring an additional 981 shares during the last quarter. Smartleaf Asset Management LLC boosted its stake in Franklin Resources by 44.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 1,641 shares of the closed-end fund’s stock valued at $33,000 after acquiring an additional 505 shares during the period. Headlands Technologies LLC bought a new position in shares of Franklin Resources during the fourth quarter valued at approximately $34,000. Finally, Principal Securities Inc. raised its position in shares of Franklin Resources by 561.1% during the 4th quarter. Principal Securities Inc. now owns 1,957 shares of the closed-end fund’s stock worth $40,000 after purchasing an additional 1,661 shares during the period. Institutional investors own 47.56% of the company’s stock.

About Franklin Resources

Franklin Resources, Inc is a publicly owned asset management holding company. Through its subsidiaries, the firm provides its services to individuals, institutions, pension plans, trusts, and partnerships. It launches equity, fixed income, balanced, and multi-asset mutual funds through its subsidiaries.